Global shipping is growing faster than it has done in the last five years with a growth of 4 percent in 2017, a new report from UNCTAD shows.
The Review of Maritime Transport is a recurrent publication prepared by the UNCTAD secretariat since 1968 with the aim of fostering the transparency of maritime markets and analysing relevant developments. This edition of the Review covers data and events from January 2017 until June 2018.
The full report is available here:
https://unctad.org/en/Pages/Publications/Review-of-Maritime-Transport-(Series).aspx
Excerpts from the executive summary:
“According to the 2018 Review, global seaborne trade is doing well, supported by the 2017 upswing in the world economy. Expanding at 4 per cent, the fastest growth in five years, global maritime trade gathered momentum and raised sentiment in the shipping industry.”
“Global containerized trade increased by 6.4 per cent, following the historical lows of the two previous years. Dry bulk cargo increased by 4.0 per cent, up from 1.7 per cent in 2016, while growth in crude oil shipments decelerated to 2.4 per cent.”
“Prospects for seaborne trade are positive; UNCTAD projects volume increases of 4 per cent in 2018, a rate equivalent to that of 2017. Contingent on continued favourable trends in the global economy, UNCTAD is forecasting a 3.8 per cent compound annual growth rate between 2018 and 2023. Volumes across all segments are set to grow, with containerized and dry bulk commodities expected to record the fastest growth at the expense of tanker volumes.”
“While the prospects for seaborne trade are bright, downside risks such as increased inward-looking policies and the rise of trade protectionism are, nevertheless, weighing on the outlook.“
“Escalating trade frictions may lead to a trade war that could derail recovery, reshape global maritime trade patterns and dampen the outlook. Further, there are other factors driving uncertainty. Among others, these include the ongoing global energy transition, structural shifts in economies such as China, and shifts in global value chain development patterns.”
Seven key trends
“The Review has identified seven key trends that are currently redefining the maritime transport landscape and shaping the sector’s outlook. They entail the following challenges and opportunities, which require continued monitoring and assessment for sound and effective policymaking:
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